12 January 2018 – Expansión
Hispania has signed a loan with the European Investment Bank (EIB) for €100 million to update its hotel portfolio and bring its assets in line with better technical standards, including energy efficiency measures.
Specifically, the investment will be used to improve tourist accommodation that the Socimi controlled by George Soros owns in tourist regions such as the Canary Islands and Andalucía.
The EIB is the European Union’s long-term financial institution, which grants long-term loans to investment projects aimed at promoting the implementation of EU objectives.
The loan to Hispania contributes to improving the competitiveness of the Spanish hotel sector, according to the EIB, through the incorporation of technical standards at its facilities. In this way, the investment supports the growth of less developed regions, where most of the hotels are located, explains the institution.
Hispania whereby joins Axiare, which received €16 million from the EIB last month to improve energy efficiency and the general features of its buildings with the aim of making them more sustainable.
Hispania is currently the largest owner of hotels in Spain with more than 13,100 rooms across the country.
At the end of last year, the company agreed to purchase the remaining 24% stake in BAY from Barceló for a total of €172.4 million. Moreover, it acquired Hotel Barceló Guadalmina from the Mallorcan hotel chain for €19 million. With these acquisitions and the investment plan to improve and reposition its portfolio, Hispania committed all of its financial capacity at the end of last year.
In February, the Socimi, in which George Soros holds a stake, announced its intention to maintain its initial objective of selling all of its assets before March 2020, the date that will mark six years since its debut on the stock market.
Original story: Expansión (by R. A.)
Translation: Carmel Drake